July '04 Forex

[Newtron Bomb]

GBP update

I got the drop that i was expecting. The long trade did go a little higher but had already exited. I took a speculative short @ 1.8640 but just piped me out @ 60 ah well.

Looking for an entry near the round number for similar reasons as the long trade. Hopefully if we see a turn around in GBP here, this will be the base a longer term short position.
I'm in at my usual 90 stop is a bit looser than normal @ 20 but will bring this down shortly once the minor uptrend for the day is broken, if it broken.

I will be reassessing the situation and the trade continually.

Happy Trading
NB

 

[Buk]

e-zee....as NB mentioned, yes I do use ACM for my intraday plays. No probs at all with them....good execution/fills etc.....haven't ever had the need to 'ring' them for anything, as everything they advertise stacks up!....I did however, call them on a few occasions to check out the response times, and had no probs getting thru!....if you need answers to any queries, just 'request a call' & they'll get back to you swiftly!

 

[Newtron Bomb]

out

 

[e-zee]

Thanks BUK.....does the ACM software allow you to set a limit order to buy/sell and also place a stop order at the same time. For example...you see something developing on the chart (like yesterday evening on USDCHF), but you have to leave the computer for a long while...can you place a limit order to buy USDCHF, and place a stop below....say 20 pips at the same time ?

I placed a limit order last night on USDCHF @ 1.2319, but I didn't know how to set the stop loss. It wasn't until the morning I set the stop-loss....the trade went my way, otherwise I could have been heavily in the red.

ezee does it.
Thanks

 

[e-zee]

Oops sorry, the limit order above is incorrect it should be Buy USDCHF @ 1.2262....and in the morning i placed a stop-order @ 1.2319...

ezee

 

[MysticalTrader]

Managaed to start a new thread with this in error - what a clod.

Nice to not always be making bad judgements. Just closed out 2 positions in GBP/USD for a nice 42 pips. One of those occasions when I went in slightly too early, then opened a second position at the bottom and judged the exit just right.

Think I will sit the pullback out and try to catch the next wave higher.

MT

 

[Buk]

e-zee......sure, you simply place a buy order in the normal way, and go back into the ticket & place a corresponding stop!.....I only use them for 'live' intraday's plays (at screen trading), but yeah, you're able to set buy/sell orders with accompanying stops as with other platforms.

 

[Newtron Bomb]

re-entry at 90 stop @ 10 initially now break even. also took a sclalp to reduce ealy swing loss

Happy Trading
NB

 

[MysticalTrader]

there was me bragging about a 42 pip gain, and missed the 80 pip drop through the floor. still, they do say dont open against the trend - I was sorely tempted but decided to be disciplined and missed it. Bummer. Still, discipline is all.

MT

re-entry at 90 stop @ 10 initially now break even. also took a sclalp to reduce ealy swing loss

Happy Trading
NB

 

[Grandk]

Thanks for the welcome. I hope we can all make a lot of $$$

 

[Grandk]

Anybody want to guess at how much down we get on the GBP? I am looking for GBP 1.8400-20 area as a possible exit/long area.

 

[Newtron Bomb]

MT
Its all down to different people and different strategies. Dont grumble about what you missed as long as you are making consistent gains then you will always win
When you first start out you are probably best staying clear of news releases as they can be a nasty bugger.

GrandK
For a swing short i'm looking for approximately a 3cent move and about the same for a swing long if/when it may give me a signal.

Happy Trading
NB

 

[MysticalTrader]

I can see the wisdom in that, I didnt actually know about the news item today, and as a consequence I think I was pretty damn lucky not to get my ass kicked. I was out 10 minutes before...

Suddenly I dont feel quite so very smug... you are right though, I have learned in the last year (my first) not to regret decisions, they are what they are. I would be very happy just taking a little out of the market, regularly and keeping the risk low.

MT

MT
Its all down to different people and different strategies. Dont grumble about what you missed as long as you are making consistent gains then you will always win
When you first start out you are probably best staying clear of news releases as they can be a nasty bugger.

GrandK
For a swing short i'm looking for approximately a 3cent move and about the same for a swing long if/when it may give me a signal.

Happy Trading
NB

 

[Newtron Bomb]

GBP swing update

Trade looking a lot healthier now.
I would usually be looking to add in at the round numbers but as you can see and have seen they are quite whippy in the past few weeks. I will wait for price confirmation to enter and when the round numbers become more solid psychological S/R then I can add in without thinking as much and not have to worry about a potential whip.

Happy Trading
NB

 

[fazalv]

Anyone looking to take position on cable before the news this afternoon...

 

[Newtron Bomb]

update

Missed a potential reversal long @ 1.8510 (my preferred area of entry) as gbp didnt look like it was going much further down.

A BO of yesterdays mess @ 1.8560 was my next watch area (had a sleep in hence looking at the half century area) Trade is now at break even and i would be looking for a target close to 1.90 all things being equal.

Happy Trading
NB

 

[Newtron Bomb]

...and for anyone wanted to take the same trade with a 5 minute chart and have a well timed trade they could have taken the Tri bo.

Happy Trading
NB

 

[Newtron Bomb]

stop @ 1.8690

Have a good weekend

NB

 

[MysticalTrader]

Me too. Set a limit to a long on EUR and GBP against USD and walked away. Came back, my limit had been filled and about 90 pip gain on both after I was closed out.

Someone up there hates me. I get an echo from somewhere 'let your profits ride"

Wiser next time...

MT

Missed a potential reversal long @ 1.8510 (my preferred area of entry) as gbp didnt look like it was going much further down.

A BO of yesterdays mess @ 1.8560 was my next watch area (had a sleep in hence looking at the half century area) Trade is now at break even and i would be looking for a target close to 1.90 all things being equal.

Happy Trading
NB

 

[Newtron Bomb]

MT

90 pips gain on both in this market is fantastic big slap on the back. Like I said the other day if your making consistant gains like this a couple of time a week you will always be ahead of the game.
Dont beat yourself up about missing a top or bottom (unless you really are a mystical trader lol )

Happy Trading
NB